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Market Research Report
Electric Vehicles Component Market Size, Share, Competitive Landscape and Trend Analysis Report : Global Opportunity Analysis and Industry Forecast, 2023-2032
PORTLAND, PROVINCE: OREGAON, UNITED STATES, April 22, 2024 /EINPresswire / -- Electric vehicle components market are responsible for the propulsion of electric vehicles. Since electric vehicles are powered by batteries, which are rechargeable in nature, numerous components are required for smoother propulsion of the vehicle. These include components such as an electric engine, battery, and motor controller. Some other components related to electric vehicles include monitoring displays and electric brakes. Introduction of advanced electric vehicles with no noise pollution and lightweight material leads to the growth of the global market.
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COVID - 19 Scenario Analysis:
. The global market for electric vehicle components is severely impacted by the outbreak of the COVID-19 pandemic.
. The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply-demand gap.
. Thus, insufficiency in raw material supply is expected to hamper the production rate of electric vehicle components, which negatively impact the market growth.
. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The significant factors impacting the growth of electric vehicle component market are increasing government initiatives on adoption of electric vehicles and easy affordability of Electric vehicle batteries. However, reliability issues of battery terminals hamper the growth of electric vehicle component market. On the other hand, urbanization and technological up gradation provides an opportunity to electric vehicle component market to grow in near future.
Increasing government initiatives on adoption of electric vehicles
Growing awareness governments' across the globe towards a cleaner environment has resulted in the demand of electric vehicles. Since, electric vehicles are zero emission vehicles which prevents environment pollution, there has been an increased demand for better components which leads to the growth of the market. Hence, government support towards electric vehicles has resulted in growth of electric vehicle component market.
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Easy affordability of electric vehicle batteries
The future of electric vehicle (EVs) is expected to be bright. With time, the price of batteries used in an electric vehicle (EV), is reducing which would make electric vehicles (EVs) more affordable since battery being one of the major component of electric vehicle. Mid-priced vehicle class has limited features with less emphasis on features like instrument cluster. Expensive features drives the growth of electric vehicle component market in near future.
Key benefits of the report:
. This study presents the analytical depiction of electric vehicles component market along with the current trends and future estimations to determine the imminent investment pockets.
. The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of electric vehicles component for market share.
. The current market is analyzed from 2020 to 2027 to highlight the electric vehicles component market growth scenario.
. Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
. The report provides a detailed electric vehicles component market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the electric vehicles component market research report:
. Which are the leading players active in electric vehicles component market?
. What are the current trends that will influence the market in the next few years?
. What are the driving factors, restraints, and opportunities of the market?
. What are the projections for the future that would help in taking further strategic steps?
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Key Market Players
. BYD Co. Ltd.
. Hitachi Ltd.
. Contemporary Technology Co. Ltd.
. ABB Ltd.
. Robert Bosch GmbH
. Samsung SDI Co. Ltd.
. Tesla Inc.
. DENSO Corp.
. Panasonic Corp
. LG Chem Ltd.
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David Correa
Allied Market Research
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